Federal Realty Investment Trust (FRT) announced its second-quarter funds from operations (FFO) at $141.3 million, or $1.69 per share, up from $136.9 million, or $1.67 per share, in the same period last year.
The company's profit surged to $110 million, translating to $1.32 per share, from $58.5 million, or $0.72 per share, in the previous year. This earnings performance exceeded analysts' average expectations, who, according to Thomson Reuters, had anticipated earnings of $0.71 per share.
Quarterly revenue increased to $296.05 million, compared to $280.68 million in the prior year.
Additionally, Federal Realty has raised its regular quarterly cash dividend to $1.10 per share, which will be payable on October 15, 2024, to common shareholders of record as of October 1, 2024.
Looking ahead, the company has revised its FFO projection for fiscal year 2024 to a range of $6.70 to $6.88 per share, up from the previously estimated $6.67 to $6.87 per share. Furthermore, Federal Realty now forecasts earnings between $3.33 and $3.51 per share, compared to the prior expectation of $2.74 to $2.94 per share.
